US stocks are drifting, and Treasury yields are rising following an encouraging update on the job market’s strength.
The S&P 500 was mostly unchanged in afternoon trading, a day after sliding from its record on worries about a possible widening of the fighting in the Middle East. The Dow Jones rose 30 points, or 0.1 per cent, and the Nasdaq composite gained 0.2 per cent.The Australian sharemarket is set to inch higher, with futures at 4.57am AEST pointing to a gain of 4 points, or 0.1 per cent, at the open.
The dominant question hanging over Wall Street has been whether the job market will continue to hold up after the Federal Reserve earlier kept interest rates at a two-decade high in hopes of braking on the economy enough to stamp out high inflation.Stocks are near their records in large part on the belief that the US economy will indeed continue to grow, now that the Federal Reserve is cutting interest rates to give it more juice.
On Wall Street, Caesars Entertainment jumped 5.4 per cent for the biggest gain in the S&P 500. The casino owner said it approved a new program to deliver up to $US500 million to shareholders by buying back more of its stock. Humana tumbled 12 per cent after the insurer warned a drop in its quality ratings for Medicare Advantage could mean a hit to its revenue in 2026. Humana said it believes there may be errors in the Centres for Medicare and Medicaid Services’ calculations, and it is trying to challenge the ratings.Nike sank 6.3 per cent even though the athletic giant reported stronger profit for the latest quarter than analysts expected.
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